By Kayode Tokede
The Central Securities Clearing System (CSCS) Plc has democratized its issuance of ISIN becoming GLEIF’s sole operating unit based in the country.
According to Managing Director/CEO, CSCS, Mr. Haruna Jalo-Waziri, this remains a notable prerequisite for most global fund managers to invest in an offshore financial asset.
The annual certification exercise, a thorough process instituted by GLEIF, is an assessment exercise aimed at monitoring and accrediting the compliance and performance of all LOUs, globally.
In his report, the Chief Executive Officer (CEO) of GLEIF, Mr. Stephan Wolf noted, “GLEIF reviewed the updated controls as documented by CSCS Nigeria and rescored the related sections. All sections passed the requirements. CSCS Nigeria has met the minimum requirements of the AAV process. GLEIF wishes to emphasize the importance of ensuring full compliance with all GLEIF requirements as a basic requirement for continued accreditation and the ability to issue LEIs.”
Whilst reacting to the report, the Managing Director and Chief Executive Officer of CSCS Plc, Mr. Haruna Jalo-Waziri said, “This is a testament to our continuous investments in systems and people towards ensuring global best practice in everything that we do. I am pleased with the impressive operational review report on our LEI services and accompanying commendation from GLEIF, particularly as it reinforces our commitment to new initiatives targeted at deepening LEI penetration in Nigeria and the broader African continent.”
Since the certification of CSCS as the LOU for Nigeria in 2013, it has successfully upheld the gold standards of GLEIF and continues to deepen awareness and market penetration of LEI within Nigeria’s capital market and the broader financial services sector.
In response to the vast opportunities but inherent risks presented by the integration of global financial markets, GLEIF was established with the responsibility of issuing unique identities, known as LEI, to all companies which have or may have cross-border transactions.
The LEI is an ISO 17442 standard, which consists of a 20-digit alphanumeric code, unique to each legal entity and is increasingly positioned as a key requirement for companies to participate in cross border transactions.